# Demographic Distance and Trade Openness

| Variable | M1: Distance only | M2: + Controls | M3: + GDP/capita | M4: Distance → CA |
|:---|---:|---:|---:|---:|
| demo_distance_to_mean | -1.9934 | -0.2158 | -1.8498 | 0.0870 |
| | (3.7273) | (4.1255) | (3.8576) | (0.4222) |
| fiscal_bal_gdp | | 0.3774*** | 0.3732*** | 0.4693*** |
| | | (0.0371) | (0.0399) | (0.0289) |
| nfa_gdp_lag | | -0.6049 | -0.6513* | 0.6253*** |
| | | (0.3783) | (0.3890) | (0.1962) |
| rgdp_growth | | 0.1335*** | 0.0846*** | 0.1495*** |
| | | (0.0211) | (0.0230) | (0.0170) |
| kaopen | | 1.3232*** | 1.3755*** | 0.5583*** |
| | | (0.4344) | (0.4612) | (0.1625) |
| gdp_pc_ppp | | | 0.0007*** | |
| | | | (0.0001) | |
|:---|---:|---:|---:|---:|
| N | 6797 | 4745 | 4416 | 5342 |
| R² | -0.0042 | 0.0240 | 0.1409 | 0.1469 |
| Countries | 177 | 161 | 158 | 174 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*